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Disability Insurance

Disability Insurance protects your earning power...

You are a Golden Goose!

You insure your car, home, and other valuables. All these were possible because of your earning power, and your ability to earn is your most valuable asset.

In a nutshell, YOU are a Golden Goose. If you have a goose that gives you golden eggs you will definitely insure it. But, are you insured to protect your GOLDEN EGGS, YOUR income?

When something happens and your potential to earn is restricted or damaged for a short or long period of time, Disability Insurance Plans kick in - providing you a monthly benefit to replace your earning from the starting period to until such time you are disabled as per the terms and conditions in the policy predetermined by you. The amount of coverage is usually 2/3 of your current earning, but it is tax free.

If you are an employee and have a group coverage, once you leave the organization that protection is gone, but if you have a personal disability plan it cannot be taken away from you.

Even people with Group and association coverage can benefit from individual long-term disability protection as their benefit may be limited by the definition of disability and coverage amount. If you have Worker's Compensation it only covers work related accidents, and unemployment insurance only covers 15 weeks.

Disability Insurance (income protection plan) is ideal for people who are not covered by group insurance plan, such as those self-employed and small-business owners.

In Canada, statistic says one in seven will become disabled during their lifetime.

What's the possibility of this happening? See the table below:-

Chances of becoming disabled for 3 months or longer before age 65
58 %

(1985 Commissioners Individual Disability Table A, National Association of Insurance Commissioners)

1 in 3 workers will lose their ability to work due to a disability lasting ninety days or more at some time before age 65 (1985 Commissioners Individual Disability Table A, National Association of Insurance Commissioners).

Each disability insurance plan is different. It could be accident only, or sickness only or it could be a plan that covers both accidents and illnesses. Monthly benefits depend on your occupation, age and current income.

There are Disability Insurance plans that offers benefits for 2 years, 5 years or until you reach age 65 or 70.

You can start right away or you also have the option to choose your starting date or commencement date thus lower your premium depending on how you want it, and how long you can live on your own resources before the disability insurance benefit starts - namely after 30, 60, 90, 120 or 180 days, or even a year or two.

If you become disabled, your ability to earn income may be compromised, and your ability to pay bills or save for retirement may decline. Our disability insurance plans are designed to help you meet your income requirements so you can concentrate on recovering from your disability and returning to an active life.

The peace of mind that income protection can provide is available for professionals, business owners, business executives, and full-time, part-time or home-based workers. Whether you need to secure your main source of income or to supplement the coverage you receive from your employer or an association, we can help by providing a comprehensive and portable plan you can rely on throughout your working years.

Schedule an appointment today for more information.

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